2004 US Code
Title 12 - BANKS AND BANKING
CHAPTER 11 - FEDERAL HOME LOAN BANKS
Sec. 1441a-2 - Authorization for State housing finance agencies and nonprofit entities to purchase mortgage-related assets
View MetadataPublication Title | United States Code, 2000 Edition, Supplement 4, Title 12 - BANKS AND BANKING |
Category | Bills and Statutes |
Collection | United States Code |
SuDoc Class Number | Y 1.2/5: |
Contained Within | Title 12 - BANKS AND BANKING CHAPTER 11 - FEDERAL HOME LOAN BANKS Sec. 1441a-2 - Authorization for State housing finance agencies and nonprofit entities to purchase mortgage-related assets |
Contains | section 1441a-2 |
Date | 2004 |
Laws in Effect as of Date | January 3, 2005 |
Positive Law | No |
Disposition | standard |
Source Credit | Pub. L. 101-73, title XIII, §1302, Aug. 9, 1989, 103 Stat. 548. |
Statutes at Large Reference | 103 Stat. 548 |
Public Law Reference | Public Law 101-73 |
§1441a–2. Authorization for State housing finance agencies and nonprofit entities to purchase mortgage-related assets (a) Authorization
Notwithstanding any other provision of Federal or State law, a State housing finance authority or nonprofit entity may purchase mortgage-related assets from the Resolution Trust Corporation or from financial institutions with respect to which the Federal Deposit Insurance Corporation is acting as a conservator or receiver (including assets associated with any trust business), and any contract for such purchase shall be effective in accordance with its terms without any further approval, assignment, or consent with respect to that contract.
(b) Investment requirementAny State housing finance authority or nonprofit entity which purchases mortgage-related assets pursuant to subsection (a) of this section shall invest any net income attributable to the ownership of those assets in financing, refinancing, or rehabilitating low- and moderate-income housing within the jurisdiction of the State housing finance authority or within the geographical area served by the nonprofit entity.
(Pub. L. 101–73, title XIII, §1302, Aug. 9, 1989, 103 Stat. 548.)
CodificationSection was enacted as part of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, and not as part of the Federal Home Loan Bank Act which comprises this chapter.
DefinitionsThe definitions in section 1441a–1 of this title apply to this section.
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